Entrepreneurship in Business Management: A Comprehensive Plan for a Hair and Beauty Salon

ENTREPRENEURSHIP
Assessment 2

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. Executive summary/ description of business...........................................................................3
2. Industry analyses.....................................................................................................................4
3. Operations and management team plan...................................................................................6
4. Marketing plan.........................................................................................................................7
5. Financial plan...........................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship in business management is the art of initiating a step towards starting
new venture offering products, services and processes. An entrepreneur possess special abilities
of managing leadership and team building skills that are essential to manage, operate and balance
the business as per the current environment. Business management entrepreneurship combines
world class academics and perceptive business experience and creates powerful blend to
empower an individual to become leader of business (Ibidunni, Peter and Ogbari, 2017). The
program delivers skills needed to grow concepts into new ventures or develop existing business
in an inventive ways.
MAIN BODY
1. Executive summary/ description of business
The entire business plan is about new venture of Hair and beauty salon in United
Kingdom (McKeever, 2016). It has very lavish and hygienic environment which makes it
different from other salons. It delivers huge range of cosmetics products, services and treatments
for both men and women. The business plan includes business description, analysis of industry,
management and operations team plan, marketing plan and financial plan.
Business description
Hair and beauty salon business is fully dedicated to constantly delivering high level client
satisfaction by rendering outstanding services; quality certified products and furnished its
atmosphere enjoyable and acceptable in terms of value and expectations. The establishment aim
and mission is to supply its products and services which can enhance mental relaxation and
physical appearance of its customers. The business is targeting female and male clients who are
conscious about fashion and has convenient income to spend on their appearance. Currently the
parlour clients are women but it is trying to include men’s who are eligible to fit in their targeted
criteria. The brand new venture takes an innovative approach of safe, secure environment in
physical salon by wearing masks, gloves and maintaining proper arrangements of social
distancing pertinent to the post world of covid-19. It started delivering virtual amenities like
online classes for supporting and educating peoples effectively with an easy process in response
to the current pandemic situations. It has started delivering courses of beauty treatments
through online in which a course will be assisted with theories, videos and pictures. The parlour
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provides a wide range of courses such as National vocational qualifications in part like NVQ1, 2,
3, 4, 5, 6 in makeup and beauty treatments for a period of 6 months. The price of courses may
vary from £500 to £3000 and the salon conducts online lectures, workshops, seminars and tests.
It weekly host beauty classes and provide customized combos of preferred products. It also
launched coupons for future treatments that attracted customers and makes them excited for the
reopening of beauty therapists. The venture sends weekly newsletter for its VIP clients to
support them in maintaining salon result in their homes. The ownership structure of the salon is
Limited Liability Company and planning further for opening a chain of parlours that will be set
in the form of LLC in certain preferred location. The salon provides a wide variety of services
related to skin, nail and hair services such as professional hair styles and hair cutting, pedicure
and manicures, unique makeovers and makeup products. The new venture has many competitors
in its surroundings and high standard areas but it does not have any intentions to compete with
opulent and magnificent salons but it mainly focuses on the middle class clients those who can’t
afford those luxury facilities of high class parlours (Aithal, 2017). The salon is providing all
those essential amenities in one convenient place that helps the establishment to be a part trend
setter’s community and acquire great success by fascinating clients towards their offerings. The
new venture believes in being realistic and even conservative and plans to keep an eye on the
forecast of results on monthly basis ( Ivanisevic and et.al, 2016).
2. Industry analyses
It is a framework which facilitates Hair and beauty salon understands of its currents
position comparative to other parlours that provide and produce same products and services and
make adjustments in the strategies that suits competitive environment. The new venture uses
porter five forces analyses to recognize its dynamics in terms of sales, size and growth in the
beauty industry (Kharub and Sharma, 2017).
Threat of new entrants
This threat is low in the beauty industry because the reality of this business structure is it
demands equipment’s which are very costly and expensive that all cannot afford. Developing
unique products and amenities needs a lot of employees both in the terms of R&D. This industry
wants innovations frequently according the trends and the new players cannot easily survive by
competing with the existing dominant beauty salons. Beauty industry suffers from supply
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